Assi Ginzburg Sells 17,776 Shares of Ormat Technologies (NYSE:ORA) Stock

by · The Cerbat Gem

Ormat Technologies, Inc. (NYSE:ORA – Get Free Report) CFO Assi Ginzburg sold 17,776 shares of Ormat Technologies stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the completion of the sale, the chief financial officer directly owned 1,970 shares of the company’s stock, valued at $265,457.50. This trade represents a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Ormat Technologies Trading Down 2.9%

Shares of NYSE ORA traded down $3.93 during midday trading on Friday, hitting $131.52. The stock had a trading volume of 1,551,006 shares, compared to its average volume of 867,439. The company’s 50-day simple moving average is $113.25 and its 200 day simple moving average is $114.25. The firm has a market cap of $8.08 billion, a P/E ratio of 63.84, a price-to-earnings-growth ratio of 5.72 and a beta of 0.80. Ormat Technologies, Inc. has a fifty-two week low of $70.42 and a fifty-two week high of $138.51. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02.

Ormat Technologies (NYSE:ORA – Get Free Report) last released its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating the consensus estimate of $0.92 by $0.38. The company had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business’s revenue for the quarter was up 75.8% on a year-over-year basis. During the same period last year, the firm earned $0.68 EPS. Research analysts anticipate that Ormat Technologies, Inc. will post 2.33 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is currently 23.30%.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently bought and sold shares of the company. Gabelli Funds LLC raised its holdings in Ormat Technologies by 0.6% in the first quarter. Gabelli Funds LLC now owns 96,050 shares of the energy company’s stock worth $10,750,000 after purchasing an additional 600 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Ormat Technologies by 979.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 150,620 shares of the energy company’s stock worth $16,839,000 after purchasing an additional 136,667 shares during the period. Mizuho Markets Americas LLC raised its holdings in Ormat Technologies by 6.3% in the first quarter. Mizuho Markets Americas LLC now owns 149,266 shares of the energy company’s stock worth $16,706,000 after purchasing an additional 8,785 shares during the period. State of Wyoming raised its holdings in Ormat Technologies by 25.2% in the first quarter. State of Wyoming now owns 2,618 shares of the energy company’s stock worth $293,000 after purchasing an additional 527 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in Ormat Technologies by 221.1% during the first quarter. Cetera Investment Advisers now owns 9,065 shares of the energy company’s stock worth $1,015,000 after acquiring an additional 6,242 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on ORA shares. Barclays upped their target price on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. UBS Group raised their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Robert W. Baird decreased their price objective on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Jefferies Financial Group lowered Ormat Technologies from a “buy” rating to a “hold” rating and increased their target price for the company from $125.00 to $130.00 in a research note on Friday, February 13th. Finally, Roth Mkm restated a “buy” rating and set a $135.00 target price on shares of Ormat Technologies in a report on Monday. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $131.64.

View Our Latest Stock Analysis on Ormat Technologies

About Ormat Technologies

(Get Free Report)

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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